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Cryptocurrency exchange HitBTC has frozen its clients' accounts before an annual key test, according to various sources.
On December 31, 2o18, the company responded to an open complaint on Reddit after the user accused them of having suspended their withdrawal requests. Redditor PEDXS has stated that it has diligently passed the know-your-customer test after waiting six months to access its HitBTC trading account. He confirmed that while he had already withdrawn a large part of his money, he had still left some in his public address for the trading day.
"After months of sending 40 more emails, HitBTC has finally unlocked my account," PEDXS said in his complaint. "I immediately withdrew most of my funds, but I left a small amount for daily trading, and I did it because HITBTC promised that" no further automated restrictions will apply ".
Another Redditor, using the pseudonym LOOKATMYIQ, confirmed that he also had to reject the scraps due to HitBTC. Extracts from his complaint:
"I sent all my documents / tests for KYC days ago and now support [is] going cold with me I was cheated? I have exchanged crypts for years on all types of exchanges and I have never closed my funds without warning like this. Support [was] Quick to answer when I ask for additional information (over the top) but since I gave them everything they asked they disappeared on me. "
A Redditor who presented himself as a representative of HitBTC collected his accusations and assured immediate visits.
Funds frozen before the event Test of the key
PEDXS doubted that HitBTC is intentionally blocking accounts of users who fear massive coin collection during the annual Proof of Keys event.
For those who do not know, Proof of Keys is a movement initiated by the renowned bitcoin investor Trace Mayer that requires cryptographers to withdraw their deposited funds with a third-party service every January 3rd. The purpose is to make all these third-party services responsible by testing them for their solvency. The movement is a way to find out whether cryptographic exchanges retain the funds that have been deposited in their private portfolios in the past.
"Over the months, from day trading I rebuilt my balance up to a couple of BTCs," PEDXS complained. "With the proof of the key date approaching, I felt that HITBTC is the main suspect of being insolvent, so I tried to withdraw my BTC." Guess, they blocked the withdrawal and blocked my account again. "
"HitBTC was something that started out as a promising exchange of cryptography and got lucky with the big wave of encryption in 2016 and 2017, but [definitely] has failed to keep up with innovation and user demands, "wrote auditor Harsh Agrawal." They are barely surviving, and this can have a strong impact on users using HitBTC as their encrypted exchange " .
Technologist John McAfee also asked people to boycott HitBTC at the start of 2018.
Cryptographic exchanges have become the thing against which we first fought. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who can not afford the minimum buy-in since it is higher than their monthly income. Boicottali.
– John McAfee (@officialmcafee) June 28, 2018
CCN reached HitBTC for comment. We will update this article if we hear something.
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